Automotive Mechanical Oil Pump Market Future Prospect
The automotive mechanical oil pump market will generate an estimated revenue of USD 18.2 billion in 2024, and it is expected to witness a CAGR of 2.3% during 2024–2030, to reach USD 20.9 billion by 2030. The growth of the market is driven by the increasing demand for passenger and commercial vehicles worldwide amidst the strict emission regulations. To maintain the performance and efficiency of the engine, mechanical oil pumps are vital.
As per the European Commission, the automotive industry creates direct or indirect jobs for 13.8 million people in the EU, accounting for 6.1% of the total employment. Almost 2.6 million workers, or 8.5% of all the manufacturing jobs in the EU, are directly associated with the production of motor vehicles.
Manufacturers are focused on upgrading the performance and fuel efficiency of automobiles, for which they are incorporating better oil pumps into their models and also selling them to aftermarket entities.
The greater focus on the upgradation of mechanical oil pumps has led to reduced friction, noise, and vibrations and improved lubrication efficiency. Because of this upgrade, the demand for these components is growing in high-performance vehicles.
The market is essentially expanding due to the rising awareness of energy efficiency and sustainability. To deal with environmental concerns, the governments of various countries have implemented strict emission rules and fuel efficiency standards.
Mechanical oil pumps are one of the most-important components of engines, being used for lubrication and keeping the engine in a smooth-running condition. For developing pumps that help reduce pollution and the consumption of fuel, the automotive industry is continuously investing in R&D.